Toshiba delays annual results again as more accounting errors found

Some accounting experts say the Toshiba scandal highlights the low audit fees paid by Japanese companies, which they believe are caused by a corporate culture that does not value the audit function or shareholder transparency.TOKYO: Japan's Toshiba Corp further delayed announcing its business results for the financial year through end-March after finding more accounting errors, struggling to draw a line under a $1.2 billion book-keeping scandal.

Toshiba said on Monday newly discovered problems included incorrect impairment charges on fixed assets. It plans to submit the results by September 7 if the government accepts its request for extension, it said.

Toshiba had delayed the announcement of its results by around three months due to an independent investigation over its past accounting practices. The probe found that it had overstated past results by around $1.2 billion over several years.